Prima Biomed raising takes No. 1 spot on Wednesday

Prima Biomed topped capital raisings on Wednesday with a $38 million placement and share purchase plan to fund ongoing testing and development of an ovarian cancer vaccine.

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Prima Biomed
announced plans to raise $38 million in a placement and share purchase plan. The placement, to institutional and sophisticated investors, is expected to raise $18 million through the issue of 64.3 million shares at 28¢ each. Existing shareholders are eligible to buy up to $15,000 of shares to raise about $20 million. The company said funds raised would be used by the company for ongoing testing and development of its CVac ovarian cancer vaccine.

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Panax Geothermal
and
Automotive Technology Group
were placed in a trading halt pending a capital raising announcement.

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Virax Holdings
announced a one-for-two non-renounceable rights offer at 2.2¢ a share. The entitlement offer is expected to raise $2 million and is to be complemented by private placements to raise another $1 million. Alpha Securities was appointed to manage the raising.

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Cobar Consolidated Resources
completed its $28 million capital raisings as announced on April 18. The company raised $15 million in a private placement and $13.4 million in the entitlement offer. Underwriter Ord Minnett was left to place the shortfall of 4.5 million shares with institutional clients, at 82¢ each.

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Sovereign Gold
placed 7 million shares at 35¢ each to raise $2.45 million before costs. The company said the funds would be used for drilling, exploration and working capital purposes.

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NuPower Resources
released the prospectus for its $2.5 million non-renounceable rights issue. The company offered shareholders one new share for every four shares already held. The offer was not underwritten.